Higher tariffs, or import taxes, on European goods mean sellers in the U.S. would have to either increase prices for consumers — risking loss of market share — or swallow the added cost in terms of lower profits. The higher tariffs are expected to hurt export earnings for European firms and slow the economy.

German automaker Volkswagen's premium brand Audi lowered its full-year financial guidance on Monday, citing the impact of higher U.S. import tariffs and ongoing restructuring costs.

A threatened 30% tariff on European wines would hurt many U.S. companies while hiking prices at home and in restaurants, industry experts warn.

Jeep owner Stellantis said on Monday it suffered a massive loss in the first half of the year, when it felt the first impact of new US tariffs and took

US President Donald Trump announced on July 28 that the United States was imposing 15-percent tariffs on all European Union countries. These countries are not all equally exposed to the US market and so will not suffer the same consequences when the duties kick in on August 1.

The euro suffered its steepest one-day drop against the dollar since May on Monday, as Germany and France voiced fears that the long-awaited EU-US trade deal would hurt the European economy.

Though the Trump administration and European Union have agreed to a deal that reduces planned U.S. tariffs, Mexico still faces 30% levies on goods imported into the U.S. If tariffs do take effect on Aug. 1, experts say prices for everything from produce to cars and trucks could soon be on the rise for U.S. importers and consumers.

The U.S. and the European Union announced a new trade agreement framework over the weekend, setting a 15% tariff on most goods imported from the EU.